The three-year-old London-based fintech, TrueLayer, sells open-banking software

Singapore-based, government-owned fund Temasek has joined Chinese tech company Tencent in investing to TrueLayer, a U.K-based fintech that sells open-banking software, as reported by Bloomberg.

TrueLayer said that it will use the funding to focus on expanding to Europe and Asia, with a goal of connecting most of the continent’s banks by the end of the year.

Northzone Ventures and Anthemis Group will also participate in the new round being a previous backers of the company. To date, TrueLayer has raised US$47 million.

The fintech is a three-year-old company that sells open-banking software that lets people share or aggregate their financial information from different providers.

TrueLayer’s funding is the newest U.K. fintech funding scored since the interest to invest in fintech companies from the country has spiked. Recently, SoftBank Vision Fund invested US$800 million into U.K. fintech Greensill, followed by the US$175 million funding that WorldRemit, a London-based technology company that helps expatriates and migrant workers send remittances back to their home countries, has raised.

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With its digital-only bank Monzo as well as peer-to-peer lender Zopa, TrueLayer already has a presence in Germany, France, Italy, and Spain.
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